Maldives Industrial Fisheries Company (MIFCO) Chief Executive Officer Ahmed Shamah Rasheed has been suspended.

The Privatization and Corporatization Board (PCB) said in an announcement today that a corporate governance case has been filed against Shamah. Therefore, he has been suspended from his post until the case is investigated.

He has been temporarily suspended from his post for 14 days from today under the Code of Conduct for Directors of Government-Owned Companies, Complaints and Action Code for a full inquiry into the matter.

Shamah was appointed as the CEO of MIFCO on December 1 last year.

Shamah has been suspended and the PCB sent him a letter on 29th last month saying that 12 cases are being investigated against him, including nepotism in the hiring process and misuse of company resources for political purposes.